oxidant   + ze→ reductant
The electrode potential for a particular couple is a measure of the tendency of the reaction shown to proceed to the right.
The oxidant species and reductant species have an atom present in different oxidation numbers (Ce4+ and Ce3+), the oxidant being the species where the oxidation number is higher (Ce4+).

The standard potential for a redox couple (E°) is a measure of tendency of the oxidant of the couple to accept electrons (the forward reaction above) when all substances are present in their standard state (unit activity). 

The potential (E) for couples having substances present in nonstandard concentrations or pressures can be calculated using the Nernst equation (1).

RT/F = 0.0257 V at 298 K
For
z = the number of electrons
Q is reaction quotient. 
Q =[reductant]
[oxidant]
E = E° – RTln Q
zF

   (1)